To celebrate their Queen’s 90th birthday, the country of
Wonderland has decided to bake the world’s largest cake. The main
ingredient(input) of the cake will be flour. It has been estimated
that the cake will use 50,000 tons of flour, which represents 20%
of the current supply of flour. The current price of flour is $4000
per ton. Previous study has shown the elasticity of supply, Es, for
flour to be 0.3 and the elasticity of demand, Ed
to be...